German specialty glassmaker Schott has launched a tender offer for Japanese optical equipment maker Moritex, aiming to acquire more than 50 per cent of outstanding Moritex shares.
Under the tender offer, running from 25 September to 23 October 2008, Schott intends to acquire a 51.0 per cent stake in Moritex at 740 yen per share for a maximum total of approximately 5 billion yen.
Moritex, which has indicated it will agree to the bid, plans to expand overseas operations under the control of Schott, which currently holds a 2.23 per cent stake in the Japanese company. Moritex expects to welcome two board directors from Schott. If Schott fails to obtain at least 33.0 per cent of Moritex outstanding shares, the German glassmaker will not purchase the offered shares.
